Last week the Fed's Janet Yellen warned of a small cap bubble and now German Finance Minister Wolfgang Schaeuble says in a speech in Munich today that "monetary policy must reduce its dominant role" to allow a return to "reasonable" interest rates. He did not stop there though...

*SCHAEUBLE SAYS RATES NOT FULFILLING THEIR ECONOMIC FUNCTION NOW

*SCHAEUBLE: FINANCIAL MARKETS HAVE ALMOST 'EXCESSIVE CONFIDENCE'

*SCHAEUBLE SAYS MARKET LIQUIDITY POINTS TO NEW BUBBLES

Don't fight the Fed... or the German finance minister... (though with the DAX and S&P at record highs today, he must be talking about bonds or Russian stocks as the bubble that is excessively confident)

Now - as a gentle reminder - where have we heard all this before...

The Financial Times, October 1992... Japan's Minister for International Trade admits...

"We became overconfident, too bullish. We should learn not to become too pleased with ourselves. The Japanese are a very disciplined people, but they became intoxicated by the bubble and they somehow forgot their discipline."